oc | Thursday 23rd January

Inner and Northern

Adam Gardner


Inner & Northern Weekly

Warehouses by Adam Gardner

While the numbers of new public listings is starting to slow down somewhat in the areas as approaches, there are still a number of properties that should garner some interest when they go under the hammer. In fact, the number of warehouse conversions on the market is significant at the moment, and these types of properties can often evoke some fairly strong emotions in buyers. What makes them different? A good part of this equation is the fact that each one is essentially bespoke – they have been done to suite the shell and spaces they have available to work with – some more effective than others. Let’s look at a few on the market now:

We have mentioned 9a Clifton Street, (Chris Byrne, Collins Simms) previously as an example of a special that will appeal to a lot of buyers , but just how many are there at the suspected price range this sits in will be a critical question in terms of how to approach buying this home. Visit this one and you will understand what I mean here.

20-22 Trades Hall Place, Carlton (Luke Chisholm, ) is a fairly unique property, and is about as close to being in the as you can get without actually being there. It is nestled away down a lane and has a has a style that is distinctive. The upstairs living area is a great space, and he inclusion of a motorised shade really improves the useability and privacy of this area. Entertainers and buyers looking for a city retreat should see this property. The floorplan for this one won’t suit everyone however, so buyers must balance emotion with functionality to make sure it suits them, and a very good understanding of price should be employed to understand here. What does this compare to?

Like the above property, 14A Wilson Street, Carlton (Glen Bartlett, Woodards)  is something of a hidden gem as well. Recently completed, it has a great feel inside and has been designed with zoned living in mind as the first and second floors are basically fully separate living areas with kitchens and bathrooms. This property has flexibility for professionals and older who value their space. How many of these properties have sold in Princes Hill?

Finally, another larger sized conversion has hit the market in 24 Abinger Street, Richmond (Andrew Crotty, Biggin and Scott). Again – a unique property  – just look at the pool in the living room. Yes – that’s right, it has a pool in the living room. How do you value this property? plus building? Direct comparables?

Today I watched Tom Roberts from Nelson Alexander auction 15 Little George Street, Fitzroy. Architecturally redone, this conversion was stylish but featured a lot of stairs so buyers needed to be comfortable with that. How many buyers were comfortable? Well, 4 bidders took it to over $2,100,000 today when it sold under the hammer. It opened on a $1,600,000 vendor bid….

If you are in the market for a high end warehouse conversion the concept of value and pricing need to be considered carefully as these properties have very different characteristics and very different , rental and profiles. Once you find one that is right for you, ask yourself why are you buying it? How many other buyers will want this now and in 10 years? How do you beat your competition when many may have the same money as you do?

 

We hope you have found our thoughts helpful and if you wish to speak to us about how our experience can help you or if you just want to offer you feedback, we would love to hear from you.

Gina and Adam G

 

 

PARKVILLE, 116 Gatehouse St
PARKVILLE, 116 Gatehouse St | Tom Roberts (Nelson Alexander)
Under Hammer: $1,750,000 - 4 Bidders (Photo: Adam Gardner)
Bidderbuzz Auction
"Tom Roberts was on his fifth auction of the day, although it didn't show despite the heat and effort. A $1,500,000 vendor bid kicked proceedings off, and bidders 1 and 2 fought it out until a quick half-time break at $1,560,000. Mr Roberts announced that it wasn't yet on the market, but that it was close. Bidders 2 and 3 took over now moving the price to $1,600,000 when Mr Roberts declared that the property was now selling. Bidder 4 went with a $2000 increment at $1,612,000 to challenge Bidder 3 and this phase continued – competitive (although slow) bidding between the two, right up until the property was eventually knocked down to Bidder 4 for $1,750,000." (Adam Gardner)

 

Biggest Sale: FITZROY NORTH, 242 Scotchmer St
Tom Roberts (Nelson Alexander); Under Hammer, $2,340,000 - 4 Bidders

"Tom Roberts was at the helm today, steering the auction for this classic period home in front of the 60-strong crowd. After a short preamble, he declared that "he was preaching to the converted", intimating that there was some interest in the crowd for this property. After opening the floor for bidding, it did take a short time, however Mr Roberts appeared to be correct and an opening bid of $1,800,000 from the crowd was accepted. Some fairly rapid bidding now took place between bidders 1, and then 2, who entered shortly after. Both moved the price along to $2,060,000 at which point Mr Roberts declared that it was on the market. This appeared to draw out the other bidders; Bidder 3 entered at around the $2,100,000 mark, and Bidder 4 entered at just over $2,200,000. From this point on, these two bidders competed strongly to take the price over $2,300,000. Eventually at $2,340,000 Bidder 4 won out - $280,000 over the reserve." (Adam Gardner)
$1M+ inner and northern Featured Auctions
UNDISCLOSED
JAMES HOME RATINGS
FITZROY: 15 Little George St
15 Little George Street
BOUGHT: $2,140,000
UNDISCLOSED
JAMES HOME RATINGS
FITZROY NORTH: 242 Scotchmer St
242 Scotchmer Street
BOUGHT: $2,340,000
UNDISCLOSED
JAMES HOME RATINGS
PARKVILLE: 116 Gatehouse St
116 Gatehouse Street
BOUGHT: $1,750,000
Stonnington Weekly
moonee valley Scheduled Auctions
ESSENDON
25 McCracken Street, ESSENDON
Bought $1,440,500
25 MCCRACKEN STREET
ABERFELDIE
36 Brunel Street, ABERFELDIE
Passed In
36 BRUNEL STREET
ABERFELDIE
7 Beatrice Avenue, ABERFELDIE
Not Reported
7 BEATRICE AVENUE
melbourne Scheduled Auctions
PARKVILLE
116 Gatehouse Street, PARKVILLE
Bought $1,750,000
116 GATEHOUSE STREET
moreland Scheduled Auctions
BRUNSWICK
11 Balmer Street, BRUNSWICK
Bought $1,375,000
11 BALMER STREET
darebin Scheduled Auctions
NORTHCOTE
13 Reid Street, NORTHCOTE
Passed In
13 REID STREET
NORTHCOTE
66 Beaconsfield Parade, NORTHCOTE
Bought $1,275,000
66 BEACONSFIELD PARADE
banyule Scheduled Auctions
IVANHOE EAST
19 Otterington Grove, IVANHOE EAST
Bought $1,800,000
19 OTTERINGTON GROVE
yarra Scheduled Auctions
FITZROY NORTH
RICHMOND
FITZROY
50/183 Kerr Street, FITZROY
Bought undisclosed
50/183 KERR STREET
FITZROY NORTH
50 Taplin Street, FITZROY NORTH
Passed In
50 TAPLIN STREET
ADDRESSRESULTPRICEIMPROVED $/SQMBOUGHT
IVANHOE EAST
19 Otterington GroveBought$1,800,000$1,6642014-11-22
NORTHCOTE
66 Beaconsfield ParadeBought$1,275,000$4,6532014-11-22
13 Reid StreetPassed InPI: $1,650,000
PARKVILLE
116 Gatehouse StreetBought$1,750,000$9,3092014-11-22
ABERFELDIE
36 Brunel StreetPassed InPI: $1,900,000
7 Beatrice AvenueNot Reported
ESSENDON
25 McCracken StreetBought$1,440,500$1,6152014-11-22
BRUNSWICK
11 Balmer StreetBought$1,375,000$2,1092014-11-22
CLIFTON HILL
80 Ramsden StreetBought$1,140,000$3,7752014-11-22
62 Hodgkinson StreetBoughtUndisclosed2014-11-22
FITZROY
15 Little George StreetBought$2,140,000$13,4592014-11-22
50/183 Kerr StreetBoughtR: $1,342,600 - $1,477,000$1,207 - $1,3282014-11-22
FITZROY NORTH
242 Scotchmer StreetBought$2,340,000$5,1322014-11-22
50 Taplin StreetPassed In
5 Willowbank RoadPassed InPI: $1,200,000
RICHMOND
1/4 Stawell StreetNot Reported
12 Wertheim StreetPassed InPI: $1,250,000
164 Highett StreetBought$1,057,000$2,2392014-11-22
FITZROY NORTH, 242 Scotchmer St
FITZROY NORTH, 242 Scotchmer St | Tom Roberts (Nelson Alexander)
Under Hammer: $2,340,000 - 4 Bidders (Photo: Adam Gardner)

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